Ways to Reduce Staff Turnover

When you run a business, it is important to keep your employees happy. If they do not feel valued as a part of your company, they may be more likely to look for a new role elsewhere. This can potentially lose you a valuable employee, as well as cost you money in advertising for a replacement candidate, and to train them in your business operations.

employee benefit

You may be wondering why you should provide extra services on top of a salary, or why use EMI options? The best way to avoid costs associated with hiring a new employee is to employ a set of people with a good work ethic who are likely to stick around. While people may leave for other reasons, such as personal circumstances, illness, or moving away from the area, there are ways you can entice good employees to join, and stay loyal to, your company. 

EMI Options

Giving your staff an opportunity to own shares within the company can help to increase their motivation and workplace morale. Knowing that you own even a small segment of a business can make you feel more important, and like you are truly a part of the company, as opposed to simply someone who works there. This is why EMI option schemes are sometimes implemented. 

Bonuses

While there is an official Employee Appreciation Day, you can also show how much your employees’ work means to you in the form of staff bonuses. These can depend on an individual’s work, as well as that of a whole team. You may use bonuses depending on who has performed the best that month, or if certain levels of profit or sales are met. 

The potential for extra money at the end of the month can help even the most disgruntled employees to feel like they have something extra to work towards, and this can help push employees to give it their all so that they reap even more rewards. 

Staff Days Out

Spending days where you shut down your place of employment, or make time after work, and take your staff out for a meal or activity at your expense is another way of telling them that you value what they do for you. An employee who feels like they are valued will be less likely to want to leave a company, particularly if the events you arrange are ones that line up with your employees’ sense of enjoyment. 

Having a workforce doesn’t just involve getting work and profits achieved for you in return for a set amount of money. Building up a sense of teamwork or even family within a company can help employees communicate any potential problems with you, rather than simply look for a quick exit into a more beneficial role. Liaising openly with your employees can help to improve your business, as well as aid you in becoming a much more sought after employer.

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